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Protective Reports Fourth Quarter And Full-Year 2012 Financial Results

Sales were $41.9 million for the quarter, up 66% compared to $25.2 million in the fourth quarter of 2011.

Acquisitions

Acquisitions segment pre-tax operating income was $42.2 million in the fourth quarter of 2012 compared to $41.5 million in the same quarter last year. The increase was primarily due to favorable mortality and lower transition expenses related to the United Investors Life Insurance Company (“United Investors”) and the Liberty Life Insurance Company (“Liberty Life”) blocks as compared to the fourth quarter of 2011. This favorable increase was partially offset by expected runoff.

Annuities

Annuities segment pre-tax operating income was a record $45.3 million in the fourth quarter of 2012 compared to $24.2 million in the fourth quarter of 2011.

Fixed annuity operating income was $26.4 million, compared to $11.0 million in the prior year. This increase was primarily due to a favorable change of $7.0 million in the single premium immediate annuity (“SPIA”) mortality variance and higher spreads, which included a $5.6 million impact from participating mortgage income for the three months ended December 31, 2012.

Variable annuity operating income was $18.9 million, compared to $13.2 million in the fourth quarter of 2011. The increase included a favorable change of $17.6 million in revenue driven by higher policy fees associated with the growth in account balances. Offsetting this was a $5.9 million increase in non-deferred expenses primarily resulting from higher marketing and maintenance expenses due to growth in this product line as compared to the fourth quarter of 2011.

Net cash flows for the segment remained positive during the quarter. Annuity account balances were $17.5 billion as of December 31, 2012, an increase of 18% over the past twelve months. Sales in the fourth quarter of 2012 were $863.9 million compared to $689.5 million in the fourth quarter of 2011. Variable annuity sales were $733.2 million compared to $498.6 million in the fourth quarter of 2011. Fixed annuity sales were $130.7 million compared to $190.9 million in the prior year’s fourth quarter.

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